Receivables are claims against customers and others for money, goods or services delivered, including accounts and notes receivable, receivables from affiliate companies, and officer and employee receivables.  Although receivables are usually divided into accounts receivable and notes receivable, they may alternatively be listed on the balance sheet as trade and nontrade receivables.

Receivables
Trade
Receivable		 Nontrade
Receivable
Accounts Receivable ✔ –
Notes Receivable ✔ ✔

Receivables are shown on the balance sheet net of any allowance for doubtful accounts, which is an asset contra account representing the possibility that some receivables will not be collected during the coming accounting period.  An asset contra account is an account that reduces the carrying value of the asset to which it relates to its net value, it being neither an asset nor a liability.  The allowance is deducted from gross receivables to arrive at the value of net receivables.

Use of a Fair Value Option for Receivables – US GAAP vs. IFRS
US GAAP IFRS
Allows a fair value option. Restricts use of a fair value option.

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